The markets are quiet. Too quiet?

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HAN SOLO, a hero from the Star Wars movies, has a habit of saying, at tense moments, “I have a bad feeling about this.” Many commentators are echoing this sentiment after a recent fall in the Volatility Index, or Vix, below ten. Their fears deepened on May 17th, when the Vix lurched above 15 and American stock markets had their worst day in eight months. Incessant turmoil in the White House at last seemed to take its toll.